Debt management businesses opinions. - Page 2

buddy92 · 15-07-2012, 10:03 PM

Quote:

Originally Posted by Auslandau

I am going to be blunt again .............

Go and see someone from your bank or a financial advicer ASAP.

You are not in the poop yet but with that car debt being so high .... payments will not keep up with depreciation which means you are going to owe WAY more than what it is worth and with in 12 months or so, if you are struggling with some phone bills now, you may find yourself in a worse position. The loan is too long and payments too low for such a depreciating asset. You get yourself in strife in 6 months and the sale will not cover the loan which is not a good place to be.

You say $45 is not much ..... it may not be ...... but it is not enough to keep up with what it is worth. That alone can cause issues.

But if I sell my car, I'm still going to have debt's, with an extra $45 and no car...

SEZ213 · 15-07-2012, 10:06 PM

Quote:

Originally Posted by buddy92

Hey guys.

As some know I have got myself in a little debt, being young and having no one to guide me through my years ect I've learnt the hard way.

I am in a small ammount of debt with phone companies ect, and I really would like to clear this all out to help my future of financing a Turbo, GT or something.

Has anyone got any experience with any of these debt finance companies you see I was thinking of one to help me out.

I have 2 phones, and a $700 loan that hasn't been paid one of the phones was cancelled and I know owe ~$1000 and the other is currently still going just haven't paid it. and the loan, I don't know what happen.

Anyways, yeah anyone able to assist as I really want to clear this out.

Ring the phone companies and arrange a payment plan. There's a possibility that it will still affect your credit rating, but at least you will have paid it out. If you finance through a 'debt solution' there is a chance that your car loan will be affected, particularly if it's a secured loan.

Don't borrow to pay a loan, just do the best you can to make sure that the phone bills are finalised. If the phones are too much, get yourself a prepaid and do it that way until you get yourself sorted again.

Auslandau · 15-07-2012, 10:06 PM

Speak to someone who can have your entire balance sheet out in front of them and see where it is heading. There is something not adding up with loan repayments of only $45.00 per week. It is something that cannot be discussed here at length.

Kryton · 15-07-2012, 10:08 PM

Honestly, how old are you?
Youve been given the answers yet you still dont seem to get it.
No one is asking you to pay $1000 in one shot are they.
I told you to ring whoever you owe money to and ask to go on a payment plan - just like your car.
You pay a little bit each week for the next however many years.
Really didnt think it was too hard to understand.

buddy92 · 15-07-2012, 10:09 PM

Quote:

Originally Posted by Auslandau

Speak to someone who can have your entire balance sheet out in front of them and see where it is heading. There is something not adding up with loan repayments of only $45.00 per week. It is something that cannot be discussed here at length.

Who can I talk to? I'm just a normal person to the NAB and if I walk in there say "help me with my debts" they will call me a tard likely. Sorry but all this is new to me and don't completly understand all this.

Quote:

Originally Posted by Sezzy

Ring the phone companies and arrange a payment plan. There's a possibility that it will still affect your credit rating, but at least you will have paid it out. If you finance through a 'debt solution' there is a chance that your car loan will be affected, particularly if it's a secured loan.

Don't borrow to pay a loan, just do the best you can to make sure that the phone bills are finalised. If the phones are too much, get yourself a prepaid and do it that way until you get yourself sorted again.

Thankyou, pre-paid is actually a good idea. But then again my bills haven't been anymore then what they actually are.

buddy92 · 15-07-2012, 10:10 PM

Quote:

Originally Posted by davway

Honestly, how old are you?
Youve been given the answers yet you still dont seem to get it.
No one is asking you to pay $1000 in one shot are they.
I told you to ring whoever you owe money to and ask to go on a payment plan - just like your car.
You pay a little bit each week for the next however many years.
Really didnt think it was too hard to understand.

I am 19

And I understand I am stupid, but I don't care no one has to help me if they don't want to.

Shonky. · 15-07-2012, 10:12 PM

Quote:

Originally Posted by Ben73

Only thing I can think of was I was declined for 2 cars loans due to not being at my job long enough. That is the only negative on my credit history and it's ******* annoying.

All this will look like on your credit file is two credit applications. The result of the application is not revealed. Not a problem at all.

When asked the question "Have you ever been turned down for finance?" you should reply "no" to any entity except the one that turned you down.

gtxb67 · 15-07-2012, 10:14 PM

Quote:

Originally Posted by buddy92

And I understand I am stupid, but I don't care no one has to help me if they don't want to.

you are not stupid, you are young

however all the asterisks in your posts do give the impression you do not want to learn. there are people who are giving you good advice so it would be wise to think about it

how much do you owe on the car and how much is it now worth if you sell it

Smoke Pursuit · 15-07-2012, 10:15 PM

Pfft....

Who needs 2 phones.... FMS!!!

If you don't pull your head in your never going to get anywhere!!

nuthin' fancy · 15-07-2012, 10:15 PM

Buddy92,

Let me give some advice that is a little less judgemental than some of the advice already proferred.

If you have commitments that are too high for you to manage, you have two choices:

1. Increase what you earn
2. Reduce what you spend

One requires sacrifice of free time, the other a sacrifice of free cash.

It is no fun funding yourself in a position where you don't have enough for all you have to do but you have to make a sacrifice one way or another.

Good luck.

buddy92 · 15-07-2012, 10:15 PM

Quote:

Originally Posted by DASH GT

Pfft....

Who needs 2 phones.... FMS!!!

If you don't pull your head in your never going to get anywhere!!

I'm trying to do that now in case you didn't realise

Auslandau · 15-07-2012, 10:19 PM

Do what Davway said tomorrow ..... phone companies will listen

If you are with NAB ..... go in and ask for one of their financial advisers who can look at everything you own and owe. It is in their best interests to do it and will (should!) be helpful. This is what they are there for.

There is really only 2 things you can do personally and that is exactly what Nuthin' said above^

buddy92 · 15-07-2012, 10:24 PM

Ok thank you I will speak to one. Do I tell them all my debts and that? Everything ?

Kryton · 15-07-2012, 10:24 PM

.....................not worth the effort.

Shonky. · 15-07-2012, 10:25 PM

Don't approach one of those debt consolidation firms.

It is tax time anyway, get it done at an accountant. Ask for some advice at the same time. Take with you a summary of everything you owe. Itemise who you owe the money to, what the interest rate and fees are and how overdue payments are.

I would think you can get yourself out of trouble without borrowing any more money. Debt consolidation is sometimes the answer, but possibly not for you, and definitely not through one of the firms you have asked about in your OP

Shonky. · 15-07-2012, 10:27 PM

just read the post from Aus, an adviser is a good idea

I think he's got it too davway

IDT · 15-07-2012, 10:34 PM

Quote:

Originally Posted by buddy92

I am 19

And I understand I am stupid, but I don't care no one has to help me if they don't want to.

If you truly feel in over your head and you are in Perth PM me and I will get my Bank to have one of thier guys sit down with you. If not in Perth I am sure one of the other forum members will have contacts at a bank close to you.

You must remember that if you do sit down with a finacial expert that "They are the expert". Go in be honest and prepared to do what they say.

But rest assured, much of the advice you have been given is from people who have either themselves been there and done that or have people close to them that have. More importantly you are getting some sage advice. I think we all know how frustrated you feel and would like nothing more than to see you get your head above water.

deesun · 15-07-2012, 10:40 PM

Well blow me down as i'm reading your posts an add apears on telly so try these, http://www.mybudget.com.au/, http://www.foxsymes.com.au/landing/d...FWZNpgodFjG4hg
http://www.debtrelief.com.au/landing...FUZQpQodPxEbkA

Now I know you have net so have a look and if you feel comfortable with any of these give them a call, wont cost anything to ask. Good luck.

b0son · 15-07-2012, 10:43 PM

OP, the benefit of off-loading your ride for something cheaper isnt just the $45pw, its the lower running costs, lower insurance/rego, if you get something smaller.

Judging by your sig, you can afford modding your car, so perhaps its not that you cant afford to repay your debt, but have trouble prioritising where the money should go?

Auslandau · 15-07-2012, 10:46 PM

Quote:

Originally Posted by buddy92

Ok thank you I will speak to one. Do I tell them all my debts and that? Everything ?

Everything!!!!! And yes ..... accountants can help as well but most banks offer a free service. I am with Bank of Melb and they are helpful

SEZ213 · 15-07-2012, 10:50 PM

Quote:

Originally Posted by deesun

Well blow me down as i'm reading your posts an add apears on telly so try these, http://www.mybudget.com.au/, http://www.foxsymes.com.au/landing/d...FWZNpgodFjG4hg
http://www.debtrelief.com.au/landing...FUZQpQodPxEbkA

Now I know you have net so have a look and if you feel comfortable with any of these give them a call, wont cost anything to ask. Good luck.

I'd be steering clear of all these - they are mostly involved in Part IX Debt Agreements and Bankruptcy. Despite what they tell you about Part IX, most is incorrect and your credit rating is actually affected in a worse way (god knows how that's possible when you're actually paying a debt off, but it is)...I've been down that road, and it's not pretty...a Part IX wouldn't even allow for a change in electricity companies...

If this is the absolute last option, don't be stubborn, talk to a family member, a friend, somebody with a little bit of experience with finance and credit ratings...I was stubborn and didn't speak to anyone but Fox Symes, and I've spent the last five years regretting the decision I made to use one of these lying, thieving so and so's...

edit: My Budget might be worth while looking at...sorry Deesun...

deesun · 15-07-2012, 10:59 PM

Quote:

Originally Posted by Sezzy

I'd be steering clear of all these - they are mostly involved in Part IX Debt Agreements and Bankruptcy. Despite what they tell you about Part IX, most is incorrect and your credit rating is actually affected in a worse way (god knows how that's possible when you're actually paying a debt off, but it is)...I've been down that road, and it's not pretty...a Part IX wouldn't even allow for a change in electricity companies...

If this is the absolute last option, don't be stubborn, talk to a family member, a friend, somebody with a little bit of experience with finance and credit ratings...I was stubborn and didn't speak to anyone but Fox Symes, and I've spent the last five years regretting the decision I made to use one of these lying, thieving so and so's...

This one has nothing to do with chapter 9, for a small fee you arrange your wages to be paid into an account managed by them. They negotiate with your creditors and arrange payments on your behalf with the possibility of reduced interest or deferred payments have a look.

AndyXR6T · 15-07-2012, 11:38 PM

Step 1: Get a missus
Step 2: Let her deal with ALL your finances
Step 3: Profit*

(note*: the term "profit" may not benefit you directly, but you will find yourself in a better position and your lady friend will have some really nice shoes and hand bags so every body wins)

Ben73 · 16-07-2012, 01:18 AM

By the way $45 a week over7 years is just over $16,000.
No idea how you can still owe $18000.
You are probably in one of those scAms where you have to pay few grand lump sum at the end to finalize the loan repayments.

nstg8a · 16-07-2012, 01:37 AM

Quote:

Originally Posted by Sezzy

edit: My Budget might be worth while looking at...sorry Deesun...

id steer clear of that one too, they charge something like $35 a week to run your account plus quite a large lump sum, that they take from your 'savings'.

also if you fall short on income one week the first payment they make is too themselves, your creditors come last.

karj · 16-07-2012, 03:19 AM

Mate, I think you may be in the very early stages of something that could turn into a deep, dark financial hole and I'm not sure if you quite realise that. These things can snowball completely out of control before you even realise it. I'd be seeking advice from a financial advisor ASAP because you don't seem to have a very good handle on it.

There's a few things that immediately jump out at me...

I cannot see how your repayments would be $45 a week on an $18000 7 year term loan. That isn't even enough to cover $18000 over 7 years without interest.

From your other threads, I understand that you are on a carers allowance, are 19 and only have up to a Grade 7 education. I'm trying to work out how you even managed to secure a loan. It seems to me to be extraordinarily irresponsible lending.

Quite aside from the immediate problem that is the debt on the phones, I think you may have a bigger problem with the car loan.

I also understand that your mother passed away recently. Are you currently receiving carers allowance for looking after your mum, or are you currently a carer for someone else? If you are/were receiving that allowance for looking after your mum, you MUST notify centrelink of the change in your circumstances because you are no longer eligible for that allowance. You will be in a world of crap if you don't... when centrelink find out (and they always do eventually), they will take you to court, you will have to pay it back and you will have a recorded criminal conviction (bye bye any employment opportunities). I'm not saying you are illegitimately claiming the allowance because I don't know you from a bar of soap, but if you are... make it a priority to notify centrelink immediately.

It is really important that you get yourself some proper financial advice and be open to the fact that you may be advised to sell your FG XR6. To be honest, having an $18000 loan at 19 and the fact that you have limited employment opportunities due to your lack of education seems to me to be a recipe for disaster. The good thing at the moment is that you can still sell the FG and cover what is left on that loan, give it a few more years of depreciation and you may well find that you cannot.

You need to sit down with someone and properly go through it all.

H.G · 16-07-2012, 03:31 AM

I got upto my eyeballs in debt with an ex and her 3 kids..
only way I got out of it was show the banks I could save for 3 months..
which ment getting rid of unnecessary debt
IE: phone plan...it was too high for what I was actually needing so reduced the plan price..
no going out drinking etc.. no lavish spending or buying WANTS and only buying NEEDS its easier to see where your money is being wasted if you do a daily log of every cent leaving your pocket. sure its a PITA. but it shows you exactly where you need to trim the fat.. CALL THE COMPANIES you are in debt with.. they have stratergies in place call FINANCIAL DIFFICULTIES..
work out the bare minimum to pay each one.. then choose the one thats the most.. double that figure and pay it off.. once its gone.. the money you were putting into paying off the first debt.. put it straight into the 2nd until its gone.. then the 3rd.. you will be suprised how quickly it dissapears..

MNM96 · 16-07-2012, 07:14 AM

Quote:

Originally Posted by buddy92

You're blunt, not your reply.

Why get rid of the car, it's $45 a week, the thing is I have money each weel left over, but what to pay to who and when ect is all a hassle, I thought the debt people make it all 1 big debt then pay them they pay the people ect, I don't know.

I will then be stuck with no car, no where to go, no chance of getting another one for a long time, mean while I could keep it and still pay my debts, If I had a path to follow.

I have left 3 forums because of people's rudeness in replies, I might be leaving this one to.

The debt people will only work with a mininum, $15000 iirc. They will also sign you to a PartIX agreement, which in effect is Bankruptcy. It will take 8 years to clear.

Discuss with your creditors a payment plan you can afford and stick to it like your life depends upon it.

Shonky. · 16-07-2012, 09:11 AM

a PM to the OP may a bit more appropriate than some of these posts

tex · 16-07-2012, 09:27 AM

You have some tel co debts, around a a grand each(?) but need advice on debt consolidation so you can purchase a motorcar such as a GT?

Wow.

I,m sorry, I don't mean to be rude, but it ain't that hard!

Learn to cope with the responsibility you have NOW, pay down any and ALL incumbency, save a reasonable deposit, establish a saving history, then consider a car.

Want it all now generation.

If you get a car with your current form, you,ll be on here asking for advice on bankruptcy to get out of that responsibility.....